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Fleck's Thoughts
IndexClose% Change
Dow Transports16496.44-0.52
Dow Utilities983-0.79
S&P 5004463.081.17
Nasdaq 10014420.082.14
Russel 20002084.320.93
VIX Index24.12-6.04
10 Year Gov't Yield2.15-1.22
Spot Gold1919.5-1.2
Spot Silver24.91-1.86
GDX-Gold Miners37.24-1.22
Crude Oil104.581.55
Dollar Index98.190.22
Euro Spot1.11-0.34
Japanese 10 Year0.210
Shanghai SE3251.071.12
Long Bond 20-year152.530.72

Option Expiration Controls the Day


In the wake of this morning's large option expiration (not to be confused with the one on the close), the market was a little higher through midday, with the Nasdaq gaining about 0.5%. In the afternoon, the Nasdaq powered higher still, gaining over 2% while the Dow/S&P added about half that.

Away from stocks, green paper stronger, as was fixed income, while the metals were lower, led by silver, which fell 2% compared to a 1% decline for gold. (I have no idea why the metals were so weak.) The miners were mostly mixed with small changes.

It Already Knows How to Fetch I think the market action in the next week or two is going to be much more important than usual as we find out whether the current rally has legs or it's ready to roll over.